ea226fe490d86cbe87fcf866bd7b048f

Insider’s Scoop: How to Fundraise Without Spending a Dime

by with No Comment Featured BlogNonprofit

I’m excited to introduce Cindy Wagman, Principal of The Good Partnership, for today’s guest blog post.

I love fundraising. Yes. You read that right. I love fundraising. When I say that, most people are shocked, because, let’s face it, we have all internalized this idea that fundraising is like begging, that it’s “icky” or manipulative. Right?

95% of people I meet for the first time tell me I have such a hard job. They could never imagine fundraising for a living. The other 5% are fundraisers themselves.

So I’m on a mission to help that 95% of the world love fundraising.

It’s funny – love actually plays a huge factor in fundraising.

Most people who fundraise, either paid or volunteer, do so because they love their organization. They love the work, the impact, the change. We don’t work at charities because of the pay. We’re here because of our passion.

ea226fe490d86cbe87fcf866bd7b048f

But guess what – donors love charities too. That’s why they give.

As fundraisers, our job is to find the people who are inclined to care about the work of our organizations and then help them find the love. I often call fundraising match making.

For small and mid-sized charities, this can feel overwhelming. We’re always comparing ourselves to the big organizations who have tons of resources and therefore we feel like we can’t even “compete”. How many times has that word come up for your organization?

We can’t compete because we’re too small. We can’t compete because we don’t have a budget. We can’t compete because no one knows our brand.

I hear this all the time. Literally. From every charity I’ve worked with (even the really big ones).

Here’s the thing. I want you to break out of this “competition” thought process and I’m going to help you replace it with the match making mindset.

Something truly magical happens when you help your donors fall in love with your charity. Competition literally melts away.

I’ve created a really straightforward cheat sheet to help you help your donors fall in love with your charity, WITHOUT SPENDING ANY MONEY.

That’s right – you can download the Shoestring Fundraising Cheat Sheet now and find great tips, tools and tactics that will help you raise more money and build that ever-elusive donor loyalty without spending a dime.

This cheat sheet will help you tap into your donors hearts and build the love that will last a lifetime. Sounds good, doesn’t it?

So what are you waiting for? Start 2017 off right and download your free Shoestring Fundraising Cheat Sheet. Start to love fundraising!

Wishing you your most successful fundraising year yet.

Happy fundraising,

Cindy

fbba59c61dae65c5b47ab02c51457085

100 Degrees Consulting State of the Business Address

by with No Comment Announcements
fbba59c61dae65c5b47ab02c51457085

Let’s pretend I was going to have a fancy party and give a State of the Business address. I’d dress up in a sequined gown and gold heels, enjoy a glass of champagne and likely overpriced but delicious hors d’oeuvres, and then share:

When I first started this venture in 2015, I began with a tiny inkling of a thought. Maybe there are nonprofits out there who can’t afford or don’t need a full time CFO but seriously need some financial oversight. I have some solid experience and could provide that oversight they need! I culled together my favorite photos from my years of travel, spent a couple hundred bucks to get a website made, and started combing Guidestar for nonprofits I was passionate about that didn’t appear to already have a CFO. I crafted a cold email, took a deep breath, and hit send.

The quick result? Four ongoing clients, two who are changing our community here in Cincinnati, and two doing amazing work in East Africa.

And the long term result? I’ve networked with amazing business owners both locally and online. Praise the power of Skype for giving me face to face chats with other entrepreneurs around the country! I’ve worked with entrepreneur clients who are crossing major revenue thresholds – from five to six figures, six to seven figures, and beyond. Those clients are gaining insight into their businesses through our work together and making big moves to take 2017 to a new level. And as a result, my work has become even more rewarding than I could have imagined.

The first official year of 100 Degrees Consulting has shown me the potential this company has for incredible growth and to make an even bigger impact on the nonprofit and entrepreneur community.

As for the final few weeks of 2016, just having given birth to my first baby, I think about the parallels between building my business and having this child. It’s exhilarating and gratifying and terrifying all at once. You put everything out there and just have faith that you will reap the most amazing rewards.

As of December 9th, my client roster was officially full to the brim for the remainder of 2016 which both surprised and delighted me. Have no fear though, as I am currently taking appointments to get started with me in January, either for a financial health checkup and 2017 prep, or ongoing CFO support, but I’ll only have a couple of spots for each.

I know that 2017 is going to be spectacular. On a personal level, I can’t wait to enjoy life with my beautiful new daughter and spend a family vacation in France and Spain. On the business side, I am so looking forward to working with a couple new nonprofits and entrepreneurs, helping them gain confidence and insight into their numbers to make everyday business operations smoother and strategic decision-making easier.

I thank you for following along this year and wish you all the peace and love in the new year!

d71efebb1b9f4205a7067ed5984c3e1c

How to Mitigate Risk for Non-Finance People

by with No Comment Featured BlogFinancial ManagementNonprofit

Mitigating risk.

Big words. Sounds scary. Not applicable to my business or my little nonprofit.

d71efebb1b9f4205a7067ed5984c3e1c

We all know that starting any type of venture – your own business or a nonprofit or social enterprise – comes with inherent risk. We invest our time and often money into something that we don’t know will be profitable or make an impact on those we set out to help. And when it does work out, a lot of times better than we expected, there are opportunities to grow and expand that again come with risk. Even working for someone else or a Fortune 500 company can be risky. We don’t have control over decision-making or our salaries or whether or not we might be laid off one day.

I’ve been approached by a number of clients lately – entrepreneurs, small businesses, and nonprofits alike – all wanting to know how financially healthy they actually are and if they can afford that big investment they want to make next year. They want a clearer picture of the risk that lies ahead, how they can address it, and they want it in the form of numbers.

As a CFO, this brings me no greater joy because knowing your numbers and being able to see in black and white where the money is coming from and going is one of the most important ways to mitigate risk. The more insight you have, the less unknown lies ahead and the more confident you can be in your decisions.

Props to you, you savvy people!

So mitigating risk is really not so scary a concept. Even if you’re not a numbers person, I want you to do these three things right now to mitigate risk in your own business.

  1. Where am I now? Look at a monthly Profit & Loss statement for 2016. You don’t need to be a financial guru to do this – look for what jumps out at you. Circle the numbers, highlight them, and really visualize what’s happening with your business.
    • Where are you spending money?
    • What months were low on revenue?
    • What is your overall net profit (revenue – expenses)?
  2. Where do I want to be? Write down your goals for next year.
    • How do you want to grow?
    • What investments in your organization are going to take you there? More people? More professional development?
    • Maybe you want to finally invest more in yourself? Increasing your salary or contributing to a retirement account?
  3. How do I get there? We all know that the best way to get anywhere you’ve never been is with GPS. Back in my day, it was called a map. In this case, your budget is your map. I know it can be scary, but I want you to put together some numbers.
    • How are you going to build your revenue goals to be able to make those new investments or otherwise mitigate your risk?

Still don’t think you’ve got the know-how to make the right decisions, even after you do this? I’m happy to help mitigate risk together, but no matter how you approach your numbers, don’t go into 2017 blindly.

When you acknowledge and address your risk, you will reap an even greater reward. As those brilliant Italians say: Sapere e Potere.

Knowledge is power.

867e49 d7f5aec9851e42f48d61b16305557687 mv2

Providing More Value to Your Constituents

by with No Comment Featured BlogMindsetProductivity

Whether through our own holiday celebrations or simply through the messages that retailers throw at us starting in October, we are neck deep in the biggest season of giving throughout the year. My own personal list of gifts to buy for family and friends seems to grow so much annually that I have to wonder where all of these loved ones are coming from! And the list of charities both that I support and that ask me for money seems to grow as well. Like most people, I set a budget, make lists, search for deals, and give as much as my wallet will allow.

As I wrapped up little tokens of appreciation to send to my clients this year, I got to thinking, what intangibles am I providing? I hope I’m providing more value than expected and creating change and allowing them to make better strategic business decisions.

I recently came across this Value Pyramid from the Harvard Business Review to help me think through the elements of value.

867e49_d7f5aec9851e42f48d61b16305557687-mv2

The basic concept is that the attributes of a product or service address four kinds of needs: function, emotion, life changes, and social impact, and companies that deliver well on multiple elements of value tend to have stronger customer loyalty and higher revenue growth rates.

I think we can all agree that customer or donor loyalty and higher revenue (or program!) growth are exactly what we’re aiming for.

So how do you stack up? This season of giving and pre-January goal setting is a great time to assess what needs you’re meeting for your customers or constituents, and on a recent afternoon, I sat down with a cup of tea, pine-scented candle burning and did just that.

Starting at the bottom of the pyramid, the Functional Values are what initially draw customers in. They’re the shiny light at the end of the tunnel and show clients how you can solve a problem they have. 100 Degrees Consulting can help you: save time, simplify, organize, reduce effort, reduce cost, improve quality, and inform. What Functional Values are you providing to your clients, donors, constituents?

Next up are the Emotional Values. We’re getting a little deeper now, and I believe my services can: reduce anxiety, reward staff, provide access, and increase the attractiveness of a company or organization. When you think about the Emotional Values of your organization, does this get a bit harder? It did for me.

It was a bit of a mindset shift to think of my particular business as providing Life-Changing Value, but I think it can: provide hope, and motivate. What about you? Nonprofits, I think your life-changing values are clear, but what about the graphic designers or lawyers or artists out there?

And finally, Social Impact or self-transcendence. Is what you’re doing making an impact beyond your own wallet? Since my foray into the nonprofit world nearly a decade ago, I have focused my career on service and while I am not ashamed to admit that I earn a living doing so, my main motivation is service. But is my business making a social impact? I’m pretty confident that most of my clients are making a social impact.

When thinking about your goals for next year, consider not adding services or programs quite yet, and instead think about which elements of value will resonate with your customers and which can you go deeper on and deliver effectively.

“Judiciously adding elements can bring new life and growth to existing products as well as build customer loyalty — with far less risk and lower costs than hunting for breakthroughs.”

01efe50da7c143a8bd5d3368e15ce2e9

Hey entrepreneurs: Don’t make these 3 finance mistakes

by with No Comment Business DevelopmentFeatured BlogFinancial ManagementProductivity

Entrepreneurs are the BEST. We take an idea from scratch, put all of our brain power and hard work into it, and build that idea into a business for which people pay real money for our services and products. When you think about what goes into building a business, it’s pretty awesome that we can make this happen.

01efe50da7c143a8bd5d3368e15ce2e9

However – you knew there was going to be a however, right? – there are some pitfalls that entrepreneurs often encounter that will truly make or break their success, and they’re related to the numbers.

I get it. We’re not all math people. But neglecting the numbers can land you in a scary place, so today we’re talking about a few mistakes you can avoid.

1. You fail to plan.

When you start your venture, it’s easy to just dive in headfirst and spend a little here and there, get your first sale, and go full steam ahead without thinking about what expenses lie ahead and what your revenue pipeline looks like. This could be a quick way to get into trouble if you don’t know what’s around the corner. Your plan doesn’t need to be super complicated.

Start with the expenses. Think about what you need to be successful, what investments you need to make in your business (computer, training?), what supplies you’ll need to create your products, any professional services (legal, accounting, etc) – then lay those out into a monthly spreadsheet so you know the timing of each expense.

Then tackle the revenue. What is the bottom line you need to cover expenses? Now think bigger: How much do you want to make? Plot out your revenue goal by month so you have clear targets to work towards.

I know it sounds like a lot, but this planning exercise will help you focus and give you clear insight into the financial health of your company or organization.

2. You get behind on tracking your numbers.

We, as entrepreneurs, are busy people. We’re constantly thinking about our businesses, serving our clients, putting out products, doing activities to help the businesses grow, so it can be very easy to let a few months go by without entering expenses into our accounting system, organizing receipts, or looking at a P&L. This is the danger zone! We have absolutely no knowledge of how our businesses are doing without staying up to date on our numbers.

So make sure that you set aside just one morning a month to make sure all revenue and expenses are entered into the books, your bank account is reconciled, and you take a look at your P&L. Maybe even forecast out the coming months so you can see where your business is headed. The most important thing is to stay on top of it – otherwise, you’ll likely be spending more money and calling in the experts come tax time or end of year. This strategic insight is going to help you make better decisions for your business and give you the insider info you need to grow!

3. You refuse to ask for help.

I know firsthand how hard it is to ask for help. I mean, you’re an entrepreneur for goodness sake! You built this business from nothing, so why shouldn’t you be able to do it all?! I ran into this in my own business. I am very stubborn and was determined to build my own website and create my own graphics from scratch. Hours and days later, I was frustrated with the end result, tired of Googling how to do every little thing, and annoyed I had wasted so much time with nothing to show for it. I was humbled into making that call to the graphic designer I had in my back pocket.

Same thing goes for the finances. If you’re not a finance expert, you probably won’t give the numbers they priority they need because it’s not a fun task for you, and you’ll likely spin your wheels for much longer than it would take an expert to get your financial house in order and analyze the numbers for you. Focus on your strengths and leave the numbers to the crazy math lovers.

5eed8dd9cf7e885f14b53dd800120fbc

Coffee chat

by with No Comment AnnouncementsFeatured Blog

We haven’t had coffee together in a while, but if we were catching up today, we’d probably chat about the weather (80 degrees in October?!) and maybe our families and probably your latest win at work!

5eed8dd9cf7e885f14b53dd800120fbc


As for me, currently I am…

Celebrating one year of 100 Degrees Consulting! In the past year, we’ve led 3 workshops, worked with 5 clients on countless projects, survived 2 annual audits with clients, written 12 blog posts, and analyzed countless financial statements. Year two can only hold more excitement for my clients! Maybe you’ll be one of them?

Planning for year-end close with two of my clients. I know it’s only November but it’s never too soon to start thinking about how we’re going to make sure the year is closed accurately and timely. To help you all out, I’m developing a monthly/annual close checklist that will help guide you through your monthly close too. So many potential clients I speak with don’t have any type of close process which means they don’t have as much visibility into their numbers as they could.

Reading more blogs than anything else these days. Some of my favorites are Melyssa Griffin, Tara Gentile, and Lead Change Group. Does anyone have any great blogs I can add to my list?

Listening to the Hamilton soundtrack. We were gifted tickets to the Chicago show and while I was initially skeptical at how it could possibly live up to the hype, I really enjoyed the show and found myself singing the songs for days after. I bit the bullet and bought the soundtrack!

Working on a financial management program for entrepreneurs. Think a workshop series where I would provide you the tools you need to get a handle on your finances, make sure you’re charging enough, identify your margins, and provide hands-on coaching throughout the whole process. You’ll walk away with confidence in your numbers and insight to make strategic business decisions to help you grow!

Thinking about our next travel adventure! We just got back from a quick trip to Dublin, Ireland, thanks to some Delta vouchers and that sparked the wanderlust again! I’m thinking Scotland, summer 2017. Who’s been?

Enjoy your Tuesday morning coffee, my friends!

95f2fe4b4a10f59666240375ed7e1ad8 scaled

Think bigger than your “overhead rate”

by with No Comment Featured BlogFinancial ManagementFinancial StatementsNonprofit

Once upon a time, I was a victim. A victim to the nonprofit overhead myth that as much money as possible should go to programs and anything spent on “overhead” or infrastructure was taking education away from the children of Africa.

I walked around with a 75 pound, 3 year old laptop, and every time I would lift it up, the battery would drop out of the bottom. This was especially problematic en route to meetings when I had my materials up on the screen just before presenting. I’d have to pop the battery back in, shift uncomfortably in my seat while the system booted up again and I opened my presentation back up. I eventually duct-taped the battery in which served me well until the entire system died.

Really? A duct taped computer? I wasted hours on that thing instead of just spending the $600 to get a new laptop!

95f2fe4b4a10f59666240375ed7e1ad8

I was a victim of the nonprofit overhead myth.

Which is why I’m thrilled to see this conversation making the rounds again and again.

I recently spoke at The Shift, a nonprofit incubator workshop, where I walked newbie nonprofits through creating a budget and pipeline for revenue and expenses. You can be sure I planted those seeds early that minimal infrastructure does not equal maximum programmatic impact.

I love Nonprofit Quarterly‘s shift in thinking about overhead as Core Mission Support, and I think it all goes back to the scarcity mindset. We feel like an investment in key infrastructure is taking away from programs and that there are limited resources out there for us.

Of course, we must be reasonable and responsible with our precious resources (none of Oprah’s “you get a car, and you get a car!” business) and focus on our impact, but let’s all commit to making a shift in mindset. Budget for what you need to be efficient – enough staff and equipment to run like a well-oiled machine. On the income side, don’t limit your fundraising goals either – instead of thinking “Oh, maybe we could raise $100k this year”, think instead of what you want to accomplish and develop a plan to get there.

The sky’s the limit, my friends! Go forth and invest!

a30c3a0744754176919c24aa4cc03fe3

5 Ways to Achieve More Focus

by with No Comment Featured BlogMindsetProductivity

I’ve come across two separate blog posts recently talking about a conversation between Warren Buffet and his pilot about goals. The TL;DR version is that Warren Buffett asked the pilot to write down his 25 career goals then circle the top five most important goals. Warren Buffett asked how the pilot would accomplish these top five goals, and he responded that he would focus on the top 5 while working on the other 20 as time allowed.

a30c3a0744754176919c24aa4cc03fe3

Warren Buffett stopped him and said that his sole focus should remain on those top 5; the other 20 were to be avoided at all costs.

As nonprofit professionals or busy entrepreneurs, people who are inherently driven to accomplish as much as possible, it can feel truly impossible to only focus on the top 5 goals. I tried this exercise myself – first, I found it difficult to come up with 25 goals to begin with, but once I had them all on paper (and knowing where the exercise was going) it felt nearly impossible to limit myself to just five!

And that’s when I felt like I had discovered the key – by choosing just five goals, Warren Buffett was not telling the pilot to limit himself. He was telling him to focus on those goals, and put every single ounce of his effort and his being into those goals.

What about you? Are you focusing on what really matters at your organization? Or are you spending unnecessary time on things beyond your career, business, or organizational goals or expertise?

In my personal entrepreneurship journey, I’ve been challenged by juggling high-quality client work, blogging useful content, finding people who can use my content, creating useful tools for nonprofits and entrepreneurs, utilizing Facebook and LinkedIn, and MORE.

Here’s how I’ve (at least temporarily!) figured it out.

  1. Write it down. Use a real pen and real paper and write down your top 5 goals. Heck, even go through Warren Buffett’s exercise if you want and write down the top 25 and narrow it down to 5. So much clarity can come from the 15 minutes it takes for this exercise to realize that some things you were spinning your wheels on simply aren’t important. Another method to check out – Being Boss’s Chalkboard Method!
  2. Push the noise aside. After writing down my top goals, I decided that figuring out Facebook ads simply wasn’t worth my focus right now. It would be a big-time commitment – I’m not the most social media savvy! – and the ROI for my business would be minimal. SKIP IT or CALL IN THE EXPERTS!
  3. Dig deeper on those five goals. Surround yourself with people and resources to accomplish those goals. Do you want to reach three new donors next month? Reach out to your dream donor for a meeting! Several of my most impactful client relationships have come from cold emails. Connect with one person or organization who’s already doing what you want to do.
  4. Manage your schedule to encourage focus. I have always struggled with my calendar and giving myself enough roomy blocks of time to actually accomplish my top 5 goals. I tended to fill any empty slot with a phone call or meeting, leaving 30 minutes chunks throughout the day to accomplish work. Do not do as I did! Set aside several chunks of time – or maybe even a whole day (GASP!) – each week for strategic work time, over which you will not schedule anything else.
  5. Find an accountability partner.  My nonprofit and entrepreneur friends are so highly driven and motivated to change the world or build a business that our brains are constantly spinning with ideas, leaving us with little time to focus. I hired a coach to keep me on track and provide me with solid business advice. You don’t need to hire someone necessarily; you could find someone within your network to help you focus on your top 5. Highly recommended!

Here’s to a focused and successful Q4!

021105541a56d40d0f8d2080824e8448

Your top budget questions answered

by with No Comment Featured Blog

October is when lots of organizations begin their final Q4 push and start crafting their 2017 budgets so I thought I would answer some frequently asked budget questions.

021105541a56d40d0f8d2080824e8448

Before we even get started with any numbers, let’s tackle a couple big picture questions:

  1. Do you have to have a break even budget? No! There is no nonprofit law that says you MUST have a break even budget or the big scary monster will revoke your 501(c)(3) status. It is generally understood (and the IRS says) that nonprofits exist to execute their mission, so the goal is not to generate a wide profit margin but there are some important exceptions. Keep reading!
  2. Can you budget for a surplus? Yes! We are not out to make a profit that will be put into shareholders’ or CEO’s pockets, but we can budget a surplus if we are, say, looking to start a new program next year and want to build up reserves. Just be prepared to share your goals and intentions with your board and stakeholders.
  3. Can you budget for a deficit? Again, yes, but with a few caveats. It’s certainly not a practice I would encourage on an annual basis if the reason you’re budgeting a deficit is simply because you are unable to bring in enough revenue to sustain your programs. That would be a cause for concern and a reason to take a deeper dive into the numbers. However, if you booked multi-year revenue in one year and the expenses will catch up the following year, budgeting a deficit is perfectly okay. Again, do the analysis and ensure that your revenue stream is enough to keep the organization going without that bump in revenue.

Now, on to logistics of actually preparing your budget.

  1. When should you complete your budget? Give yourself plenty of time before the new fiscal year begins to complete your budget and review it with the board. Make sure to get input and buy-in from your team. Ideally, you would have the budget approved and input into the accounting software by January 1st. If not, again, the 501(c)(3) monster will not come get you but it is best practice.
  2. How do you project next year’s budget? A great start is to look at this year’s actual numbers – both revenue and expenses – plus projections. So if you’re preparing your budget in October, look at January through September YTD numbers, PLUS October through December projections, to get a total estimate for the whole year. Then go from there. Maybe you know you will be expanding a program or adding a new staff member – add it in! Avoid contingency or “miscellaneous” line items and be as accurate and realistic as possible. Don’t forget to budget revenue too!
  3. How do I analyze my budget draft? Once you’ve compiled your first draft of the budget, it’s time to step back and give it a thorough once-over. Add in variance amounts and percentages so you can see your projected growth or budget decrease. Do you have the resources to grow by as much as you’ve projected? Maybe we scale back and progressively grow over multiple years instead.

Budgeting season is a great time to step back and review your numbers from the 30,000-foot view. Does your budget align with your strategic plan? Do you have a solid plan in place to accomplish your goals? It’s also a great time to get into the thick of the numbers. Do you really need to budget that much for staff events?

So put on your big picture AND line item detail hats and happy budgeting!

867e49 aae90f1fa870401891106e4fe9c14388 mv2 d 3201 2485 s 4 2 scaled

Mind Mapping for Type A’s

by with No Comment Featured BlogProductivity

I am a list person through and through. I have notebooks filled with neatly lined pages, precise handwriting in only black or blue ink (NEVER pencil – the horror!), and nary a doodle in sight. You could say with strong confidence, just by looking at my notebooks, that I am a Type A.

So when I started preparing for the workshop I’m hosting for The Shift in several weeks, I started a list on a fresh page in my notebook. I listed three concepts, one after another, and I was done. There was no room physically on the page for brainstorming or thinking outside the proverbial box without messing up my neatly scribed lines.

Then I saw a blog post about mind mapping and decided to throw all caution to the wind, pulled out some neon paper, and started scribbling away. To my surprise, ideas kept coming. I jumped around the page, adding circle after circle, and ended up after thirty minutes with a much more robust concept of what my workshop would cover than just a few lines on a page.

867e49_aae90f1fa870401891106e4fe9c14388-mv2_d_3201_2485_s_4_2

Mind mapping is visual, expandable, understandable, limitless, and applicable to almost anything. For five seconds of entertainment, just Google mind mapping and see what beautiful creations people have made. Mine isn’t that pretty but it works!

My creatives out there are nodding their heads like, yeah, no kidding, I’ve been using visual, non-linear thinking since I was a kid.

But my challenge is for the Type A’s. One of the first things I ask when we get on a call together is: What are the biggest challenges of your job/business/organization right now? Ask yourself that question today and instead of writing a list, pull out a blank sheet of paper and mind map it!